Minister of Communications and Information Technology Yasser El-Kady said that the Telecommunication Regulation Law contributed to attracting greater investments to Egypt in the sector.
El-Kady added that the sector attracted about $1.1bn and EGP 10bn in investments to the sector via 4G licences for telecommunication companies, as well as investments in communication infrastructure and other activities in the sector.
The minister noted that the information technology sector converted to digital systems according to the president’s directives and his belief in digitisation and its role in the country’s development.
He pointed out that the sector has not been affected by past circumstances, but it achieved growth and managed to attract more foreign direct investments.
“Last year, Egypt was the first in developing and launching startups in Africa,” El-Kady noted. “We receive more requests for launching investments in the technology sector. Moreover, the ministry is working on developing and investing in technological areas in governorates to decrease the migration from those governorates to the capital and provide job opportunities for youth.”
The new incentives by the government for technology companies contributed to developing and manufacturing the first Egyptian mobile which is being manufactured in one of Upper Egypt’s governorates, Assuit. That plant is to provide 1,000 jobs for the people of the area, according to the minister.